Former Investment Advisor Richard Mark Schmerman Sentenced

Former Investment Advisor Representative, Richard Mark Schmerman, was sentenced in February 2018 to 5 years in prison and 7 years probation.  An investigation was originally initiated against Richard Mark Schmerman by the Arizona Corporation Commission Securities Division who ultimately turned the matter over to Arizona Attorney General, Mark Brnovich’s office.  Schmerman was found guilty of stealing more than 3 million dollars in client funds (for which Schmerman must pay restitution), using client funds for personal expenses (including $400,000 to pay a personal civil judgment issued against him), and impersonating clients to gain access to their client accounts.

Read our original article here.

The information above was obtained via the ACC’s website. It is for informational purposes only and is not legal advice. It is provided only as general information which may or may not reflect the most recent developments. Check the Arizona Corporation Commission website for the most current information.

If you believe you have lost money investing with Richard Mark Schmerman at Diversified Financial in Arizona, contact Bingham Law today at 480.832.1922 for a consultation.  You may be able to recover your losses.  We encourage you to avoid delay since time to file your claim may be limited.